By Fawaz Karame
KUWAIT, June 28 (KUNA) -- The Central Bank of Kuwait has finalized its preparations for the release of the sixth issue of the Kuwaiti banknotes into circulation on Sunday, affirmed the CBK Governor, Dr. Mohammad Y. Al-Hashel on Saturday.
"All denominations of the new banknotes are to be available for the general public through all branches of banks operating in the State of Kuwait, as well as through ATMs and the ATMs of the Shared Electronic Banking Services Company - K-Net," Dr. Al-Hashel added, in a statement to KUNA.
"The 6th issue of Kuwait banknotes is made as per the Cabinet's Resolution passed on the 10th June 2013 endorsing the recommendation of the CBK's Board of Directors for the 6th issue of Kuwait banknotes - incorporating their design, colours, security and technical specifications for all denominations," he stated.
The Governor pointed out that the new issue of banknotes reflects the CBK's ability to keep pace with best international central banking practices and, in particular, the application of new state of art technologies afforded from the banknote printing industry. This is manifested in improved security features and the use of high quality paper which permits an elegant yet secure design.
The new issue of banknotes reflects efforts made by the CBK to maintain its responsibilities with regard to the law and to secure the Kuwaiti currency through the use of the best and most modern printing industry standards bearing in mind that it is 20 years since the last release of new currency notes.
Dr. Al-Hashel further explained to KUNA some of the procedures for release of the 6th issue of Kuwait currency notes into circulation, as follows: First: New denominations of the 6th issue of banknotes are the same as those for the existing 5th issue - i.e., Quarter, Half, One, Five, Ten and Twenty Dinars.
Second: The release of the 6th issue of Kuwait banknotes does not affect the validity of the currently circulated 5th issue of Kuwait banknotes - which maintains its legitimacy as legal tender until such time an official decision for its withdrawal from circulation is announced. Such announcement is to be made in the due course of time. For the time being, however, the 5th and 6th issues of banknotes will be in circulation in parallel with each other.
Third: Beginning the 19th May 2014 the CBK launched an awareness campaign for the 6th issue of Kuwait banknotes, so that the public could be informed of its specifications - in particular those relating to the new designs for the different currency denominations and how to identify the security features of each note. The campaign used several forms of media including TV, radio and printed publications - thereby ensuring that the public was made fully aware of the design of the new notes and their security features. Moreover, a professionally scripted video was produced to introduce the detailed specifications and security features of the 6th issue of banknotes. The video was subsequently shown on a number of TV channels and uploaded on the CBK website. The CBK will continue its awareness campaigns so the public is made fully conversant of the design and security features of the new banknotes as well as addressing any other related matters that may arise in the meantime.
Fourth: Local banks' staff have been instructed and have been well trained beforehand on the technical and security features of the new currency notes, so as to assist in the successful launch of the 6th Kuwaiti banknote issue. The Governor concluded by saying that the CBK is committed to staying abreast of global developments concerning central banks so as to strengthen the financial and economic stability of the State of Kuwait. (end) fnk.rk